In their current form, medias:

1. do not care about creating panics or damaging society

2. are incentivized to provide click-baity to-the-minute reporting.

How to fix this?

Maybe regulation, even though dangerous in this freedom of speech territory.

One thing I was thinking (inspired by one of Andrew Yang's point) is to have a press tax to fund a delayed international news outlet.

It changes the incentives: the media has no funding issue and is not incentivized to attract more readers; and it changes the impact: delaying each piece of news to wait until more information is available is good.